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SOURCES: REDIFF.COM Index heavyweight Reliance Industries (RIL) rose 1.15%, with the stock gaining for the second straight day. The stock had dropped during the last three days of the week ended Friday, 30 July 2010, on worries about stagnant gas production. Gas production is likely to stagnate at 60 million standard cubic metres of gas a day for a while. Reliance Industries will be able to pump natural gas at full capacity from its deep-sea field during the year to March 2013. The BSE 30-share Sensex was up 33.62 points or 0.19% to 18,114.83. The Sensex rose 86.24 points at the day's high of 18,167.45 in early trade. The index fell 8.83 points at the day's low of 18,072.38 in early afternoon trade. The S&P CNX Nifty was up 7.90 points or 0.15% to 5,439.55. The BSE Mid-Cap index rose 0.31%. The Small-Cap index rose 0.33%. Both these indices outperformed the Sensex. Most sectoral indices on BSE rose. BSE's banking sector index Bankex (up 0.95%), Oil & Gas index (up 0.67%), Healthcare index (up 0.37%), and PSU index (up 0.31%), outperformed the Sensex. The BSE Metal index (up 0.14%), the BSE TECk index (up 0.12%), Consumer Durables index (up 0.08%), Power index (up 0.06%), Realty index (up 0.03%), Auto index (down 0.09%), IT index (down 0.48%), Capital Goods index (down 0.73%) and FMCG index (down 0.73%), underperformed the Sensex. The market breadth, indicating the health of the market, was positive. On BSE, 1522 shares advanced while 1448 shares declined. A total of 86 shares remained unchanged. The breadth was much stronger earlier in the day. TOP PICKS FOR AUGUST (FROM ICICI DIRECT RESEARCH): GITANJALI GEM: Buy above 157, SL 152, TGT 190 and higher. BALAJI TELEFILMS: Buy above 57, SL 54.90, TGT 65 and higher. GATI CORP: Buy above 80.75, SL 77, TGT 96 and higher. MARKET VIEW FROM EMKAY GLOBAL: Watch out for 5500; After finding support from the global cues and buying in heavyweights, Nifty turned northward on Monday to end the day above psychological level of 5400. Moreover, on account of today's move the previous break of 20-daily simple moving average turned out to be a whipsaw. However, we will stick to our bearish view unless the hurdle of 5500 gets cleared. |
